With Lenders' Nod, Lear Files Prepackaged Ch. 11

Law360, New York (July 7, 2009, 12:00 AM EDT) -- Automotive seat manufacturer Lear Corp. filed for Chapter 11 bankruptcy protection Tuesday after receiving the green light from necessary bank lenders and bondholders to move forward with previously announced plans to restructure about $3.6 billion in debt.

Citing total assets of $1.27 billion and total liabilities of $4.54 billion, Southfield, Mich.-based Lear and 23 affiliates filed petitions in the U.S. Bankruptcy Court for the Southern District of New York, almost a week after the auto parts maker unveiled its restructuring plan to offer lenders a combination...
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